Cambricon(SH:688256) Sou Hu Cai Jing·2025-08-29 03:12Core Viewpoint - The recent surge in the stock price of Cambrian has raised concerns about its sustainability, prompting the company to issue a risk warning regarding its valuation and future earnings projections [4][9]. Group 1: Stock Performance - On August 28, Cambrian's stock price increased by 15.73%, closing at 1587.91 CNY per share, with a market capitalization of approximately 664.3 billion CNY [1]. - Cambrian's closing price surpassed that of Kweichow Moutai, marking it as the highest stock price in the A-share market [1]. - As of August 28, 2025, Cambrian's rolling price-to-earnings (P/E) ratio was 5117.75, and its price-to-book (P/B) ratio was 113.98, significantly higher than the industry averages of 88.97 and 5.95, respectively [8]. Group 2: Earnings Forecast and Risk Warning - Cambrian issued a risk warning on August 28, stating that its stock price had risen by 133.86% from July 28, 2025, which is significantly higher than the price increases of most peers and major indices [4]. - The company projected its full-year revenue for 2025 to be between 5 billion and 7 billion CNY, which has sparked debate among investors regarding its implications for future performance [7]. - Cambrian clarified that the revenue forecast is a preliminary estimate and does not constitute a commitment to investors, urging them to understand the risks involved [7]. Group 3: Market Sentiment and Investor Reactions - Some investors view the risk warning as a signal of caution, suggesting that the company's revenue for the second half of the year may not meet expectations [9]. - Conversely, other investors interpret the revenue guidance as exceeding some broker forecasts, viewing it as a positive indicator for future growth potential [9]. - The stock's performance is influenced by a mix of fundamental factors, market sentiment, and complex trading behaviors, with significant trading activity observed among institutional investors [11].